Laclede Gas Company Missouri Cases

Cathy Rinehart, Assessor of Clay County, appealed the circuit court's judgment affirming the State Tax Commission's valuation of Laclede Gas Company's real and personal property for tax years 2014 and 2015. The Assessor argued that the Commission erred by setting aside the Board of Equalization's valuations. The appellate court reversed and remanded, holding that while the presumption of correctness for Board valuations persists, Laclede successfully rebutted it by showing the Assessor failed to properly account for depreciation. However, the Commission erred by adopting a valuation methodology that combined income, market, and cost approaches, contrary to its own mandate requiring the reproduction cost approach for natural gas pipeline companies.